LIFE INSURANCE

Evening Star, Issue 22106, 13 August 1935, Page 1

LIFE INSURANCE

ADDRESS BY MR A. N. HAGGITT Mr A. N. Haggitt', at a meeting of the faculty of insurance held last evening, spoke on the subject, ‘Historical and Legal Incidents of the Life Insurance Contract.’ Mr H. De C. M‘Arthur occupied the chair, The lecturer traced the gradual development of modern life insurance by extension from the early marine insurance contract, and showed how it had been introduced into England in the first instance from Italy and the Low Countries. After contrasting the easy development of life insurance in England with the extreme reluctance of French legislation to recognise its principles, Mr Haggitt proceeded to deal • with the scandalous state of affairs which obtained in England during and after the “ Bubble ” era. At that time it was possible for almost any event to be made the subject of a “ wager ” policy, and the mania for speculation was unrestrained either by or. public opinion until the .passing or the Life Assurance Act,' commonly called the Gambling Act, of 1774. The lecturer traversed the provisions of this Act, explaining the necessity in law for an insurable interest in the life insured, and referred briefly to other statutory provisions on the subject of insurances without interest. He illustrated his remarks by references to decided cases, which showed how imperfectly the true nature of life insurance was understood at the time by the English courts and even by the insurance companies themselves.- Mr Haggitt dealt at considerable length with the principles of life insurance generally, with particular reference to the legal effect of the conditions and exceptions commonly endorsed upon policies of that kind. Ha stressed the stringent nature of the contract and the absolute necessity for extreme accuracy in answering the questions contained in the proposal and the declaration of the insured. In conclusion, the lecturer referred to tha comparative infrequency in modern times of litigation arising from' disputed insurance policies, a state of affairs which was, no doubt, Sue largely • to the extreme fairness of life insurance companies in their dealings with their policy holders, and partly to the recognition by the legislature of the great importance of life insurance and the statutory provisions from time to , time passed for the protection of the insured. At the conclusion of his address Mr Haggitt was accorded a vote of thanks, ■